HORAN Capital Advisors

Entries for 2013

Benchmarking Investment Performance

 November 16 2013     David Templeton
An important task for investment managers and clients is to develop an investment policy statement (IPS) for the investment portfolios that are being managed. The IPS details guidelines specific to the client that outlines the client's goals and objectives. Some of the criteria of the IPS will detail the goals and objectives of the client along with liquidity needs. In the end the IPS will serve a...

Declining Labor Force Participation Rate And Baby Boomers

 November 10 2013     David Templeton
One aspect of the slow growing recovery following the recent recession has been anemic job growth. A consequence of the weak job growth has been a steady decline in the labor force participation rate. Some economist and strategist attribute the declining participation rate to the retirement of baby boomers. However, as noted by the orange line in the below chart, the participation rate of baby boo...

The Week Ahead Magazine: November 10, 2013

 November 10 2013     David Templeton
Much of the discussion in recent weeks has centered around the equity market potentially going through a "melt up" phase in a run to year end. One factor that gives this thought some validity is the favorable seasonal period that occurs in the fourth quarter of calendar years. A number of article links in our Week Ahead magazine provide insight into this favorable seasonal period.The Week Ahead Ma...

Investors Express More Cautiousness Since The Financial Crisis

 November 9 2013     David Templeton
Since the bottom of the market at the depth of the financial crisis in early 2009, investors seem to be taking a more cautious view of the markets based on reported investor sentiment. It really hasn't been until this year that the S&P 500 Index has been able to make a sustained push above the market highs of early 2000. In mid to late 2007 the S&P was able to briefly surpass the 2000 highs; howev...

Retail Investor Cash Hits Low Along With Fear

 November 8 2013     David Templeton
Rydex Cash Levels have fallen to extreme lows recently (See chart below).  The Rydex Cash Level measures the cash held in Rydex money markets.  Historically, pullbacks or corrections occur when these levels reach the .4 marker, but the past three times the index has hit the .4 level, the pullbacks have been short-lived.  This is a sign that that those investors sitting on cash are eager to invest ...

Are Small Cap Valuations Getting Extended?

 November 7 2013     David Templeton
Since the beginning of November, small cap stocks have been underperforming large caps. This recent underperformance has strategist questioning whether the small cap outperformance, since the end of the financial crisis in 2009, is coming to an end. As the below chart shows, since February 2009, small caps have significantly outperformed large capitalization equities.From The Blog of HORAN Capital...

Fund Flow Trends

 November 4 2013     David Templeton
As seen in the interactive fund flow graph below, the last three months equity fund flows, as prepared by Lipper for Reuters, have seen investors allocate more of their investment dollars to Europe, emerging markets and Japan. Some of the countries with the largest outflows are Asia Pacific ex Japan, the U.S. and Germany. For the month ending September 2013, fixed income flows indicate investors a...

The Week Ahead Magazine (Belated): November 3, 2013

 November 4 2013     David Templeton
The posting of this week's Week Ahead Magazine is a day late. I was traveling in Chicago with my wife visiting our son recently transferred there with his company. As an aside we had a fantastic Italian meal at Riccardo Trattoria in Lincoln Park. I would say the focus of this week's article links center around the market's valuation and investor sentiment. Coinciding with some elevated sentiment m...

Structural Unemployment

 November 1 2013     David Templeton
It has been nearly two years since I posted an article on structural unemployment, specifically, looking at the Beveridge Curve. As noted in that prior post, the Bureau of Labor Statistics notes the relationship between the unemployment rate and the vacancy rate, also known as the Beveridge Curve, named after the British economist William Henry Beveridge (1879-1963). The economy’s position on the ...

70% Health Care Cost Increase

 October 31 2013     David Templeton
I just had a conversation with an individual that has an individual family health insurance policy. His current policy comes due in February 2014 and he is evaluating his health care insurance options for next year. With his current plan, his total cost is $11,616 including deductible. According to his insurance contact, the Obamacare policy he qualifies for on the health care exchange through the...
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